Overnight, the bitcoin price surged 3 percent against the U.S. dollar above the $4,000 mark as major crypto assets in the likes of ethereum, litecoin, and bitcoin cash recorded gains in the range of 6 to 18 percent.

7-Day Price Chart of Bitcoin (Source: Coinmarketcap.com)

Fueled by the momentum of bitcoin, the valuation of the crypto market spiked by $10 billion in the past week, which has been on the rise since March 12 due to the strong performance of tokens.

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Can the Bitcoin Rally Continue?

According to cryptocurrency technical analyst Mayne, on the technical side, the price trend of bitcoin is not overly bearish as long as bitcoin remains above $3,693, its yearly open.

“I’ve said this for a while, as long as we are above the yearly open on BTC ($3,693) and ETH ($130.90) there is no reason to be overly bearish. BTC following the squiggly, if we break through here I expect a move to $4,100,” the analyst said.

As such, if bitcoin is able to maintain its momentum above key resistance levels including $4,000, there exists a possibility that the dominant cryptocurrency can continue to engage in an upside movement.

However, in an interview with CCN, cryptocurrency trader DonAlt explained that the minimal price movement in bitcoin,